Fold Holdings (NASDAQ:FLD) saw bitcoin-market pressure in 1Q26, with revenue down 21.1% year over year to $5.6M as transaction volume fell 32% to $172M. Verified accounts neared 85K with about 2K net adds.
Net loss was $(29.2)M and adjusted EBITDA $(5.8)M, with GAAP results impacted by bitcoin treasury fair value and financing items. Operating expenses declined 19% to $13.4M. Management highlights a shift toward platform-led monetization, driven by credit card growth, new products, and capital structure simplification.
Loading...
Loading translation...
AI-generated analysis. Not financial advice.
Positive
Operating expenses declined 19% year over year to $13.4M
Verified accounts approached 85K with close to 2K net adds in 1Q26
1,000+ credit cards live with an approximately 80K waitlist
Extinguishing convertible notes while retaining bitcoin treasury exposure
Verified accounts85,0001Q26 verified accounts, with close to 2,000 net adds
Market Reality Check
Price:$1.5300Vol:Volume 53,678 is below 20...
low vol
$1.5300Last Close
VolumeVolume 53,678 is below 20-day average of 137,137 (relative volume 0.39).low
TechnicalPrice $1.53 is trading below 200-day MA at $2.62, well off the $5.54 52-week high.
Peers on Argus
Crypto/fintech peers are mixed: BTCS down 11.36%, BTM up 8.99%, HGBL up 2.46%. M...
2 Up1 Down
Crypto/fintech peers are mixed: BTCS down 11.36%, BTM up 8.99%, HGBL up 2.46%. Moves are not broadly aligned, pointing to company-specific drivers for FLD.
Reported FY25 growth, bitcoin treasury, and retirement of convertible notes.
Pattern Detected
Recent fundamental and strategic updates have often been followed by share price declines, even when growth metrics were positive.
Recent Company History
Over the last six months, Fold reported FY2025 revenue of $31.8M with $960M in transaction volume and then Q1 2026 revenue of $5.6M, down 21.1% year-over-year and TPV down 32%. Stonegate’s Q4/FY25 and this 1Q26 update both emphasized platform expansion, credit card and business offerings, and a sizable bitcoin treasury, while filings highlighted capital structure simplification. Historically, news on earnings and product launches around bitcoin-linked activity has coincided with negative 24-hour price reactions.
Market Pulse Summary
This announcement revisits Q1 2026 metrics—revenue of $5.6M, a 21.1% year-over-year decline, and a n...
Analysis
This announcement revisits Q1 2026 metrics—revenue of $5.6M, a 21.1% year-over-year decline, and a net loss of $29.2M—while emphasizing Fold’s shift toward platform-led monetization and cost discipline, with operating expenses down 19%. Context from recent filings highlights bitcoin treasury exposure and capital structure changes. Investors may monitor transaction trends, credit card cohort performance, and operating leverage as key indicators for the platform strategy.
Key Terms
adj. EBITDA, GAAP, stock-based compensation, convertible notes, +1 more
5 terms
adj. EBITDAfinancial
"Net loss was $(29.2)M and adj. EBITDA was $(5.8)M..."
Adjusted EBITDA is a company’s reported earnings before interest, taxes, depreciation and amortization after removing one-time, unusual or non-operational items so the number reflects recurring cash-profit from the core business. Investors use it like a cleaned-up snapshot of operating performance — similar to comparing month-to-month household spending after excluding a one-off emergency expense — to judge trend and valuation, though it should be checked alongside other measures.
GAAPfinancial
"...though GAAP results were affected by bitcoin treasury fair value changes..."
GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
convertible notesfinancial
"Capital structure simplification improves strategic flexibility. Extinguishing the convertible notes..."
Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.
bitcoin treasuryfinancial
"...while retaining bitcoin treasury exposure, strengthens Fold's ability to scale..."
A bitcoin treasury is a collection of bitcoin holdings owned by a company or organization, similar to how a savings account stores money. It represents a strategic reserve of digital currency that can be used for investments, operational costs, or future growth. For investors, a bitcoin treasury can signal financial strength or a company's confidence in cryptocurrencies as part of its long-term plans.
AI-generated analysis. Not financial advice.
Dallas, Texas--(Newsfile Corp. - May 15, 2026) - Fold Holdings Inc. (NASDAQ: FLD): Stonegate Capital Partners Updates Coverage on Folding Holdings Inc. (NASDAQ: FLD). Fold's 1Q26 reflected bitcoin-market-driven pressure on activity, but the quarter did not change the core thesis; it shifted the FY26 focus toward conversion and scaling across products now in market. Revenue declined 21.1% y/y to $5.6M as transaction volume fell 32% y/y to $172M, while verified accounts approached 85K with close to 2K net adds. Net loss was $(29.2)M and adj. EBITDA was $(5.8)M, though GAAP results were affected by bitcoin treasury fair value changes and financing-related items. Operating expenses declined 19% y/y to $13.4M, supported by lower direct costs, lower stock-based compensation, and lower professional fees. Management noted February marked the bottom across most core KPIs, with early improvement as bitcoin recovered. We view 1Q26 as market driven pressure in transaction-linked activity, while Fold's broader platform strategy moved closer to commercial validation.
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
1Q26 advanced Fold's transition toward platform-led monetization. Account growth, opex discipline, and concurrent product launches support a broader revenue model beyond transaction activity.
Credit card execution is the primary FY26 catalyst. With 1,000+ cards live and an ~80K waitlist, cohort spend, engagement, credit performance, and funding capacity will drive the setup.
Capital structure simplification improves strategic flexibility. Extinguishing the convertible notes, while retaining bitcoin treasury exposure, strengthens Fold's ability to scale credit, gift card, and business channels.
Click image above to view full announcement.
About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
How did Fold Holdings (NASDAQ:FLD) perform in 1Q26?
Fold reported lower activity in 1Q26, with revenue down 21.1% year over year to $5.6M. According to the company, bitcoin-market conditions reduced transaction volume, while operating expenses declined 19% and management shifted focus toward platform-led monetization and scaling existing products.
What were Fold Holdings’ key financial metrics for 1Q26 (FLD)?
Fold posted 1Q26 revenue of $5.6M, a 21.1% year-over-year decline, and a net loss of $(29.2)M. According to the company, adjusted EBITDA was $(5.8)M, and operating expenses decreased 19% year over year to $13.4M, reflecting cost discipline.
How did bitcoin markets impact Fold Holdings’ 1Q26 results (FLD)?
Bitcoin-market pressure reduced Fold’s transaction-linked activity in 1Q26, driving a 32% year-over-year decline in transaction volume to $172M. According to the company, GAAP results were also affected by bitcoin treasury fair value changes, though management noted improvement as bitcoin later recovered.
What is driving Fold Holdings’ shift toward platform-led monetization in FY26?
Fold is emphasizing platform-led monetization beyond transactions, supported by account growth, operating expense discipline, and concurrent product launches. According to the company, this broader revenue model focuses on scaling credit card, gift card, and business channels throughout FY26.
Why is the Fold Holdings credit card important for FY26 (FLD)?
Credit card execution is described as Fold’s primary catalyst for FY26, with 1,000+ cards live and an ~80K waitlist. According to the company, cohort spend, engagement, credit performance, and funding capacity will shape the program’s contribution to growth.
How did Fold Holdings’ user base change in 1Q26?
Fold’s verified accounts approached 85K in 1Q26, with close to 2K net adds during the quarter. According to the company, February marked a bottom in many core KPIs, with early improvement following a recovery in bitcoin prices.
What capital structure changes did Fold Holdings make in 1Q26?
Fold simplified its capital structure by extinguishing convertible notes while keeping bitcoin treasury exposure. According to the company, this change is intended to improve strategic flexibility and support scaling of credit card, gift card, and business-focused channels.
